Tata Motors Limited has informed the Exchange regarding Outcome of Board Meeting held on September 26, 2025.
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The NCLT has approved the Composite Scheme of Arrangement to split Tata Motors into two listed entities: the Commercial Vehicles (CV) business will be demerged into TML Commercial Vehicles Limited, and the Passenger Vehicles business (via Tata Motors Passenger Vehicles Limited) will be merged back in. The scheme becomes effective October 1, 2025. The current Tata Motors will be renamed Tata Motors Passenger Vehicles Limited, and TMLCV will be renamed Tata Motors Limited. Shareholders get 1 share of new TMLCV (₹2 face value) for every 1 share of current Tata Motors. NCDs worth ₹2,300 crore will transfer to TMLCV. The Board also approved several leadership changes aligned with the restructuring: 3 Independent Directors (Hanne Sorensen, Kosaraju Chowdary, Guenter Butschek) are ceasing to move to the TMLCV board; Shailesh Chandra is appointed MD & CEO for 3 years; P B Balaji resigns as Group CFO on November 17, 2025 to become CEO of JLR UK, with Dhiman Gupta replacing him as CFO. Sudha Krishnan joins as new Independent Director.
Shareholders will hold shares in two pure-play listed Tata Motors entities (CV and PV) with mirrored shareholding, enabling better value discovery and focused capital allocation. The leadership changes are part of the planned restructuring rather than unexpected exits, though investors should watch the record date for share entitlement and the effective date of October 1, 2025.